# In the matter of SRK Devbuild Pvt. Ltd.  TP 175-2019 {CP(IB) 553-2018}

> NCLT judgment dated 2020-06-11. Citation: TCN-2020-NCLT-01190. The case involves Munnalal Pannalal Construction Pvt Ltd V/s SRK Devbuild Pvt Ltd before the…

- **Court:** NCLT
- **Order date:** 11 Jun 2020
- **Citation:** TCN-2020-NCLT-01190
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/srk-devbuild-pvt-ltd-tp-175-2019-cpib-553-2018-6b1e09de

## Summary

### Background

The case involves Munnalal Pannalal Construction Pvt Ltd V/s SRK Devbuild Pvt Ltd before the National Company Law Tribunal (NCLT), Indore Bench at Ahmedabad. The matter pertains to an application under Section 9 of the Insolvency & Bankruptcy Code. The Operational Creditor and Corporate Debtor were represented by CS Mr. Pratik Tripathi and Senior Counsel Mr. Vijayesh Atre, respectively.

## Facts

Munnalal Pannalal Construction Pvt Ltd filed a case against SRK Devbuild Pvt Ltd under Section 9 of the Insolvency & Bankruptcy Code. During the hearing, it was brought to the court's attention that a CIRP had already been initiated against SRK Devbuild Pvt Ltd vide order dated 03.01.2020 in CP (IB) 370 of 2018. The Operational Creditor, Munnalal Pannalal Construction Pvt Ltd, was then given the liberty to approach the RP/IRP in the existing CIRP to file their claim. The court also stated that if the CIRP is set aside, the Operational Creditor is at liberty to revive the current proceeding.

## Issues and analysis

### Issue 1: Whether the current proceeding under Section 9 of the Insolvency & Bankruptcy Code should …

**Ratio:** When a CIRP has already been initiated against a Corporate Debtor, it is more efficient

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**Reasoning:** The court reasoned that since a CIRP was already in progress, allowing the current

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**Interpretation:** This interpretation emphasizes the importance of avoiding parallel proceedings

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**Application:** The court applied this principle by disposing of the current proceeding,

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## Parties

- **Judges:** Madan B.…; Virendra Kumar…
- **Appellants:** Munnalal Pannalal…
- **Respondents:** SRK Devbuild Pvt…

## Timeline

- **2020-01-03 — CIRP Init…**: CIRP initiated against the Corporate Debtor vide order dated 03.01.2020 in CP (IB) 370 of…
- **2020-06-11 — Order Da…**: The NCLT disposed of the proceeding, granting liberty to the Operational Creditor to…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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